Replication data for: Pushing on a String: US Monetary Policy Is Less Powerful in Recessions

Silvana Tenreyro & Gregory Thwaites
We investigate how the response of the US economy to monetary policy shocks depends on the state of the business cycle. The effects of monetary policy are less powerful in recessions, especially for durables expenditure and business investment. The asymmetry relates to how fast the economy is growing, rather than to the level of resource utilization. There is some evidence that fiscal policy has counteracted monetary policy in recessions but reinforced it in booms. We...
This data repository is not currently reporting usage information. For information on how your repository can submit usage information, please see our documentation.